Chiliz (CHZUSD) buyers encounter resistance at $0.06400. The price has recently experienced a bout of turbulence as buyers grapple with market dynamics. The crypto market has seen a reversal in fortune as bullish momentum gives way to the emergence of sell-side forces.
One notable aspect of this shift is the struggle faced by the bulls as they attempted to maintain upward momentum. The price of Chiliz climbed courageously, striving to break free above the critical $0.06400 level. This level holds considerable significance as it has acted as a formidable barrier that buyers found challenging to overcome.
Resistance Levels: $0.103500, $0.08500
Support Levels: $0.06400, $0.060400
The resilience of this key level is evident in the fact that buyers failed to penetrate it. It therefore signals the profound impact it wields. The consequence of this standoff is the potential for Chiliz’s price to retreat below the $0.06040 mark.
Intriguingly, Chiliz’s price embarked on a consolidation phase in the preceding weeks, indicative of the market’s uncertainty. This phase materialized after the bears relinquished control around the $0.05890 price zone. The sellers, unable to extend their influence further downward, paved the way for price consolidation above this critical level.
After a period of accumulation and anticipation, the bulls eventually initiated a breakout. Although their momentum proved challenging to sustain, Despite the recent presence of sellers in the Chiliz market, it is premature to assert that the bullish early momentum has fully dissipated.
The moving average crossing indicator has already signaled a cross, drawing attention to a potentially bullish setup. Furthermore, the Price Oscillator’s signal line trend has risen above the crucial 0.00 line. It hints at the possibility of a stronger directional flow in Chiliz’s price.
Turning our attention to the 4-hour chart, it becomes evident that the sellers are currently asserting their dominance. This situation underscores the presence of bears in the crypto market. It emphasizes the need for buy-side traders to reinforce their positions to counter the downward pressure.
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